Schutt Sports -- founded in 1918 when Bill Schutt started manufacturing and selling basketball goals out of his Litchfield hardware store -- was forced to file for bankruptcy this fall after losing a $29-million lawsuit with rival sports maker Riddell.

The suit alleged that Schutt stole patents from Riddell for its DNA and ION football helmets. (In addition to making bases for MLB, Schutt also manufacturers football and baseball helmets, pads and face guards.)

Now Schutt, which employs some 400 employees, is up for sale. A bid of $25 million was made last week, though official bidding doesn't begin until December 10. Schutt reportedly took in $68 million in revenue last year.